Will a Wealth Tax Make California’s Wealthy Flee?
By Edward Ring
August 25, 2020
If you’re rich, there aren’t too many places on earth better than California to live. Sure, there are the perennial earthquakes and wildfires, but those are more than made up for by the Mediterranean climate and the scenic splendor; the Pacific Shore, the High Sierra. And apart from these natural disasters, nothing is wrong with California that money can’t cure.
If you’re a billionaire, then California’s punitive cost-of-living and its failed public schools are of no concern. The moneyed liberal patricians of California, from Tom Steyer to Jack Dorsey, have options. Who cares if your mega-mansion costs $12 million instead of $1.2 million, if you’re a billionaire? Who cares if the local public school is a war zone, if you can easily afford to send your children to the finest private school money can buy?